Polish fintech buys Ukrainian bank confiscated from Russian oligarch
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A Polish fintech has bought a Ukrainian bank once owned by a sanctioned Russian oligarch, marking the second foreign entry into Ukraine’s banking sector this year.
At a press conference in Kyiv on April 22, Ukraine’s Deposit Guarantee Fund and Polish fintech Zen.com, registered in Lithuania, said the company had acquired First Investment Bank, known as PINbank, which was transferred to the state in 2023 and later declared insolvent.
Zen.com purchased a 100% stake in the bank for Hr 175 million ($3.9 million), the fund said.
"This deal is a strong signal of confidence in Ukraine’s financial system and in its future integration with the European market,” said Andrzej Duda, a member of the supervisory board of Zen.com and president of Poland from 2015 to 2025.
"The arrival of an international fintech player means not only capital inflows, but also innovation and long-term investment," he said.
The deal is the second time this year that a foreign investor has purchased an insolvent bank from the fund. Estonian fintech Iute Group finalized its entry into the market on March 16, the first foreign bank to enter the country's banking sector since 2021.
Ukraine’s banking sector is competitive and profitable, with 60 banks generating nearly $3 billion in profit in 2025, National Bank of Ukraine data shows.
Following the start of Russia’s full-scale invasion, Ukraine moved to seize assets from Russian businessmen with Kremlin ties.
Among them was Alfa Bank Ukraine, linked to Kremlin-connected businessman Mikhail Fridman, which was transferred to state ownership and now operates under the name Sense Bank.
PINbank was owned by sanctioned Russian oligarch Yevgeny Giner until 2023, when his 88.9% stake in the bank was confiscated by Ukraine's High Anti-Corruption Court.
By January 2024, those shares had been transferred to the Ukrainian state, represented by the State Property Fund, according to securities registry data.
In February 2026, Ukraine’s Deposit Guarantee Fund placed First Investment Bank under temporary administration after the National Bank declared it insolvent, and agreed in April to sell it to Zen.com after selecting the least-cost resolution option in a tender process.
"The agreement with Zen.com confirms the effectiveness of our resolution mechanisms and the attractiveness of Ukraine — particularly its banking sector — for investors," Olha Bilai, managing director of the Deposit Guarantee Fund, said during the press conference.
"We are confident that the entry of an international player will provide an additional boost to the development of the banking sector and ensure higher quality and a wider choice of financial services for Ukrainian consumers."
Zen.com said it plans to upgrade PINbank into a more modern, technology-focused lender, integrating digital financial services with its existing banking infrastructure.
"Our goal is to build a modern financial institution that provides reliable, accessible, and technology-driven services to both individuals and businesses,” said Michal Boguslawski, CEO of Zen.com in Europe.
